Reacting to a report indicating that founding members of the Libra Association had developed cold feet after the pushback the cryptocurrency has received, the recent Bitcoin convert stated that he has never liked the Facebook coin “one bit.”

1. Libra is centralized

“I don’t like it [Libra] ‘cause it’s centralized” was Kernen’s first shot.

Is he right?

Despite the decentralization phrase and its variants being mentioned ten times in the Libra whitepaper, there has been widespread skepticism regarding this. Libra’s cryptocurrency credentials have consequently been questioned, with Facebook being viewed as having central control over the cryptocurrency.

3. Monetary policy headaches

“I don’t like it ’cause … everybody gets to keep the float” was Kernen’s third reason for his anti-Libra stance.

While Kernen’s rationale was not immediately clear, economists have warned that because everyone with an account will be able to adopt Libra, this could make the use of monetary policy tools to control liquidity and inflation impossible.

4. It’s a banker’s coin

The CNBC anchor also stated that the cryptocurrency would not be adding any value to what is already available in the financial sector: “I don’t like it ‘cause it’s like a debit card.”

Bitcoin’s recent convert is right, and this point is conveyed best by listing off Facebook’s partners in the project – the likes of Mastercard, Visa, and PayPal.